Dive Summary:
- Economist Richard Vedder says that increasing the amount of federal money available for colleges will only push costs higher as more money in the system encourages colleges to raise fees.
- Vedder, director of the Center for College Affordability and Productivity, says that more money also fuels a sort of "amenities arms race," with universities rushing to outdo each other on housing, entertainment, dining and other services not directly related to education.
- Vedder sees another fundamental problem in that too many people are going to college, even when a college degree isn't necessary for a job they might want.
From the article:
... Mr. Vedder is skeptical about the president's proposal to tie federal aid to graduation rates, among other performance metrics. "I can tell you right now, having taught at universities forever, that universities will do everything they can to get students to graduate," he chuckles. "If you think we have grade inflation now, you ought to think what will happen. If you breathe into a mirror and it fogs up, you'll get an A." ...
